London Private Equity Firms Get in on the Games

A host of private equity firms with London offices have been getting into the Olympic Games spirit while others have been making contingency preparations for the upcoming event in London, which kicks off with the opening ceremony this evening.

U.K. firm Phoenix Equity Partners last week held its own Olympic games – dubbed the “Phoenix Olympics” – on West Wittering beach “in gusty conditions”, said Hugh Lenon, Managing Partner of Phoenix. The games, in which staff at the firm took part, included mixed beach volleyball, swimming and table tennis. The games were “all very competitive,” Lenon added.

Meanwhile, the large TV screens at Arle Capital Partners’ London offices will be tuned into the Olympic events for “wall-to-wall coverage,” a company spokesperson said, adding: “Being a thoroughly multinational office with 15 different nationalities represented by 38 staff, we expect much inter-office competitiveness and frequent bouts of cheering, as we’re all based in the one office.”

Kohlberg Kravis Roberts & Co. is taking a similar approach, with a spokesman saying that its staff of “25 nationalities will be encouraging their favorite athletes in 18 languages.”

A more pressing issue for many firms is how their London staff will get into the office during the games, as roads and public transport are expected to struggle to handle the extra tourists.

Both Apax, which has already had an Olympic-themed summer party for staff, and Cinven said they were taking a flexible approach for staff unable to make it into the office. Arle said it was promoting an inter-office “Olympic Commute” where staff can cycle or run – competitively if they wish – to the office during the games. Arle has also rehearsed and tested a number of crisis scenarios ahead of the games “in order to provide business continuity in the event of not being able to reach the office.”

But the spokesperson for KKR, which has its London office just off Pall Mall, said, “The Olympic beach volleyball is taking place next door [at Horse Guards Parade]. So, [there will be] reduced opening hours for our KKR London offices. Working from home [has been] made easy for our 150-plus team members.”

Arle has also been involved in the Olympics in other ways. Its portfolio company Technogym is the official supplier of fitness and wellness equipment to the Games. The company will supply more than 750 pieces of equipment for the 28 Olympic disciplines.

“Technogym is also supplying 50 personal trainers for the athletes to use, but sadly nobody in the Arle office quite made the cut to be one of these,” the spokesperson said. Arle has also been encouraging its staff to donate blood ahead of the Olympics due to a current shortage.

But there will be no medals for firms that appear not to be getting into the spirit. 3i Group, CVC Capital Partners, EQT Partners, Montagu Private Equity, PAI Partners and Terra Firma all simply said they would be operating as normal during the Olympic Games.